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AirFox, the company making mobile data and internet more affordable for millions of people, today announced it will open an Initial Coin Offering (ICO) on August 29, 2017 to fund the development and launch of its new blockchain consumer platform, AirToken (AIR). (Photo: Business Wire)

AirFox, the company making mobile data and internet more affordable for millions of people, today announced it will open an Initial Coin Offering (ICO) on August 29, 2017 to fund the development and launch of its new blockchain consumer platform, AirToken (AIR). (Photo: Business Wire)

BOSTON--(BUSINESS WIRE)--AirFox,
the company making mobile data and internet more affordable for millions
of people, today announced it will open an Initial Coin Offering (ICO)
on August 29, 2017 to fund the development and launch of its new
blockchain consumer platform, AirToken
(AIR). A TechStars
portfolio company and venture-backed startup with a proven
wireless business-to-business product, AirFox aims to raise up to
$15 million in a token sale to make mobile internet more accessible to 4
billion underserved people who can’t afford it. AirFox’s technology
harnesses the decentralized power of the Ethereum blockchain as well as
advertising and proprietary “credit-score” algorithms to reward users
with AirTokens, a new cryptocurrency redeemable for mobile data, and
eventually physical and digital goods.

Mobile data plans enable users to browse the internet, download apps,
and partake in the digital economy. Yet in many countries, such as
Mexico and Brazil, an average consumer works 8-40 hours to earn 500MB of
mobile data; in Nigeria, 500MB of data can be more expensive than health
care or education. Much of this group - an estimated 2 billion people
globally - is also unbanked or underbanked and lack an established
record of credit.

Victor Santos, AirFox CEO and co-founder, wants to change this: “I was
born in Brazil, a country with one of the highest telecommunications
rates and where over 40 percent of the population is unbanked. With no
mobile internet and no line of credit, billions around the world are
unable to receive loans, create new businesses or rise into the middle
class. With the AirToken and our mobile apps, we will bring mobile
internet and microloans to lower income, data-starved and often unbanked
mobile subscribers in emerging markets. We are on the cusp of massive
disruption in many industries because of Ethereum, and AirFox is excited
to harness this technology to help the world’s underserved citizens.”

Can exchange AirTokens for mobile data or use them to send mobile data
to others via 5 billion prepaid SIM cards and over 500 wireless
carriers.

Can purchase AirTokens from the mobile application.

Will be able to apply and qualify for microloans in AirTokens later
this year.

Will be able to redeem AirTokens for digital services and physical
goods next year.

AirFox will use the ICO funds to develop a revolutionary microloans
program and expand abroad to emerging markets. By analyzing mobile
behavior, device data, payments and browsing history, AirFox will use
proprietary algorithms to assign credit rankings to users. The credit
rankings will be used to offer qualifying users microloans in AirTokens,
which can be sent to other AirFox users or claimed for mobile data
packs. At any time, users will be able to transfer their AirTokens
directly to an Ethereum wallet using a secure AirFox website transfer
page.

The goal is to raise $15 million USD equivalent in ETH for selling 150
billion AirTokens; this will determine the exchange rate, which will be
set immediately before deploying the contract. Following the ICO, the
value of AirTokens to ETH will float according to the market. There is
no plan to have a follow-on offering.Crowdsale purchased
AirTokens are transferrable once the ICO closes. For more information on
the details of the ICO, click
here.

About AirFoxFounded by ex-Googlers Victor Santos and Sara
Choi in January 2016, AirFox quickly established itself as the leader in
affordable data plans for US-based prepaid wireless carriers. Incubated
at Harvard’s Innovation Lab, AirFox is a TechStars Boston alumni and is
venture backed by Project 11, Launch Capital, and NXT Ventures, among
others. With the launch of its ICO and new blockchain consumer platform,
the company is on a mission to enable unrestricted access to the
internet for anyone with a prepaid smartphone. AirFox’s free Android
apps, AirFox Browser and AirFox Recharge, enable users to earn
AirTokens, a new cryptocurrency, by viewing advertisements on their
devices, completing offers, and browsing the internet. AirTokens are
redeemable for mobile data and, eventually, goods and services. AirFox
will also use its proprietary algorithms to assess and grant qualifying
users microloans in AirTokens. To learn more, visit www.airfox.io.